One analyst believes gas prices could drop to under $4 per gallon by October, if the price of oil does not increase.

Andy Lipow of Lipow Oil Associates wrote in a note that the recent drop in gas prices has only begun, and, “if the oil market stayed at these levels, we could see the national retail gas price go below $4 per gallon by late October.”

He added, “That is a long time from now and in between we have a Hurricane season and we have yet to see the impact of the European Union phased in ban of Russian oil purchases. But there is some reason for optimism.”

One expert in gas even thinks the price could drop below $4 per gallon before the summer ends.

Patrick De Haan, head of petroleum analysis at GasBuddy recently said in an interview, “We’re seeing big declines across many areas of the country and that should continue.”

Over the last four weeks, gas has seen a 5% year over year decline according to data from the Energy Information Administration.

Lipow said, “I expect that trend to continue as the consumer wrestles with high prices. A 5% decline in gasoline consumption is a significant amount—it is about 400,000 barrels per day. I think we keep in mind that a fair amount of people are now working from home compared to pre pandemic 2019 and that is permanent demand destruction.”

According the AAA, the national average for gasoline in the US has dropped to $4.47 per gallon over the last month, as of July 20th.

Oil prices meanwhile are on the downswing over the last few weeks, as investors worry about slowing demand and a strong dollar. WTI futures for August delivery have settled 1.88% lower at $102.26, as Brent closed down at $106.92.

If this can hold, the nation may get some relief from more than just heat by the end of the summer.